Spain’s Santander hires Credit Suisse, Goldman to look at Citibanamex bid

News



© Reuters. FILE PHOTO: A man walks past a Citibanamex bank branch in Mexico City, Mexico January 13, 2022. REUTERS/Gustavo Graf

MADRID (Reuters) – Spain’s Santander (BME:) has hired Credit Suisse and Goldman Sachs (NYSE:) to potentially consider a bid for the Citibanamex, Citigroup (NYSE:)’s retail bank in Mexico, a source familiar with the process said on Tuesday.

The source did not give any further details.

Santander declined to comment while Goldman Sachs and Credit Suisse were not immediately available for comment.

Earlier this year, Santander had submitted a non-binding bid for Citibanamex, another source with direct knowledge of the process said, who added that binding bids were expected later this year.

Spanish newspaper Expansion, which first reported the news on Tuesday, said that the sale process could be outlined before the end of the summer.

Last Friday, Citigroup Latin America Chief Executive Ernesto Torres Cantu said that the bank did not expect to reach a deal to sell its Mexican consumer banking arm Citibanamex until January 2023.

Cantu said the bank was engaged with potential buyers, but declined to provide more details about the stage of the sale process.

Citi aims to sell Citibanamex’s entire consumer and middle market businesses to a sole buyer, Cantu told a media briefing.

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.

Locations

90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

support@construction.com

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]

Construction

Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.

Newsletter

Sign up to receive the latest news and trends from our company.

More questions? Get in touch